MgmtExam3-2

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tttran1
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MgmtExam3-2
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2012-12-17 14:34:28
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mgmt exam3
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Exam 3 for mgmt part 2
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  1. Know at least 3 differences between managers + leaders (hint: this is REALLY important)
    • Manager: rational, persistent, tough-minded, analytical, structured, deliberative, authoritative, stabilizing, position power
    • Leader: visionary, creative, inspiring, innovative, courageous, imaginative, experimental, initiates change, personal power
  2. Level 5 leadership (hint: this is REALLY important)
    • Level 1: highly capable individual,
    • level 2: contributing team mbr,
    • level 3: competent manager,
    • level 4: effective executive,
    • level 5: leader
  3. Tactics for interpersonal influence (hint: this is REALLY important)
    • 1. User rational persuasion,
    • 2. make people like you,
    • 3. rely on the rules of reciprocity,
    • 4. develop allies,
    • 5. ask for what you want,
    • 6. make user of higher authority,
    • 7. reward the behaviors you want
  4. Hierarchy of needs (hint: this is REALLY important)
    • Content Theory 1:
    • Self-actualization: opportunities for advancement, growth, creativity
    • esteem needs: recognition, promitions, increased responsibilities
    • belongingness needs: co-workers, clients, supervisors
    • safety needs: safe work, job benefits
    • physiological needs: heat, air, base salary
    • Content theory 2: ERG theory: simplified vs.
    • existence needs: need for physical well-being
    • relatedness needs: need for satisfactory relationships with others
    • growth needs: need to achieve potential, personal growth, & increase competence
  5. Two-factor theory (hint: this is REALLY important)
    • The factors that make us dissatisfied are not the same as those that make us satisfied
    • Dissatisfaction factors=hygiene factors: working conditions, pay, interpersonal relationships
    • Satisfaction factors=motivators: achievement, recognition; personal growth; work itself
  6. Four techniques of job design for motivation, and which ones work best (hint: this is REALLY important)
    • Job simplification: you do task A really well, I'll do task B really well
    • Job rotation: you do task A this month, then move to task B next month
    • Job enlargement: you do tasks A, B, and C
    • Job enrichment: incorporates high-lvl motivators into the work
  7. The pyramid of communication channels by channel richness: advantages and disadvantages of each end of the pyramid (hint: this is REALLY important)
    • -Face-to-face
    • advantage: personal, two-way, fast feedback
    • disadvantage: no permanent record, spontaneous, difficult to disseminate
    • -phone
    • -email, IM
    • –memos, letters
    • –formal reports, bulletins
    • advantage: provide record, premediated, easily disseminated
    • disadvantage: impersonal, one-way, slow feedback
  8. Keys to effective listening (see class slide, not book’s list) (hint: this is REALLY important)
    • Listen actively;
    • Really engage – work at listening;
    • Resist distractions;
    • Be responsive
    • Judge content, not delivery;
    • Listen for ideas, not facts;
    • Keep your mind sharp
  9. Teams vs. groups – know at least 3 differences between them (hint: this is REALLY important)
    • Group: Has one designated strong leader; Holds individuals accountable; Has individual work products; Runs efficient meetings; After deciding what to do, delegates work to individuals
    • Team: Shares or rotates leadership; Holds team accountable to each other; Has collective work products; Runs meetings that foster open-ended discussion and problem solving; After deciding what to do, shares work
  10. Team member roles matrix, and which roles most orgs need for success (hint: this is REALLY important)
    • member task behavior: high-low: Task specialist, high-high: dual role,
    • low-low: non-participator role, low-high: socio-emotional role
    • member social behavior
  11. Five stages of team development (hint: this is REALLY important)
    • Forming: break the ice & test for friendship possibilites + task orientation/ leader: faciliate social interchanges
    • storming: conflict, disagrement/ leader: encourages participation, surfaces differences
    • norming: establishment of order + coheesion/ leader: help clarify team roles, norm, values
    • performing: cooperation, prob solving/ leader: faciliates task accomplishment
    • adjoining: task completion/ leader: bring closure, signifies completion
  12. Feedback control model (hint: this is REALLY important)
    • Establish strategic goals -->
    • establish standards of performance -->
    • measure actual performance -->
    • did performance meet standards?, -->
    • No: take corrective action --^
    • Yes: provide reinforcement (or do nothing) --<
  13. Two key financial statements, and what each shows us (hint: this is REALLY important)
    • Income statement: profit-and-loss statement, P&L: summarizes the firm's financial performance for a given time interval, usually one year
    • the income statement shows revenues coming into the orgs from all sources and subtracts all expenses
    • the bottom line indicates the net income-profit or loss- for the given time period
    • Balance sheet: show the firm's financial position with respect to assets and liabilities at a specific point in time
    • Assets: what the company owns, include fixed assets (those that can be converted into cash in a short time period), and fixed assets (such as buildings and equipment that are long term in nature)
    • Liabilities: the firm's debts include current debt (obligations that will paid by the company in the near future) and long-term debt (obligations payable over a long period)
    • Owner's Equity: the difference between assets and liabilities and is the company's net worth in stock and retained earnings
  14. Inventory: be able to draw / define the 3 types, and know the impact of inventory on business (hint: this is REALLY important)
    • Three types: finished-goods, work-in-progress, raw materials
    • Idle inventory costs companies money
    • Just-in-time inventory reduces inventory, which:
    • -Saves money and frees up capital -Gives companies more flexibility
    • JIT requires incredible coordination
  15. Differences between data, information and knowledge, and the role of IT / humans in that process (hint: this is REALLY important)
    • Inform. tech
    • Date --> information --> knowledge
    •                         Human task
  16. Organizational citizenship:
    Going above and beyond job requirements to contribute to an org’s success
  17. Attitudes – their three components, and what cognitive dissonance means
    • Attitudes: Pre-dispose a person to act in a certain way
    • Components:
    • Cognitions (thoughts)
    • Affect (feelings)
    • Behavior
    • Cognitive dissonance: when attitudes and/or behaviors conflict with one another
  18. High-performance work attitudes – their two components, and whether they make a difference in organizational productivity
    • Job satisfaction – positive attitude towards work
    • Does it make a tangible difference? Maybe.
    • Organizational commitment – loyalty towards the organization
    • Does it make a tangible difference? YES
  19. Perceptual selectivity:
    tune in some info, tune out others
  20. Understand the difference between internal and external attribution
    • internal attribution: characteristics of the person led to the behavior
    • external attribution: something about the situation caused the person's behavior
  21. Four components of emotional intelligence
    • Self-awareness: are you aware of what you’re feeling?
    • Self-management: can you control your emotions / impulses?
    • Social awareness: can you empathize?
    • Relationship awareness: can you connect with others?
  22. Personality influences – understand locus of control, authoritarianism and Machiavellianism
    • Locus of control: internal vs external
    • Authoritarianism: power should be within the org
    • Machiavellianism: the ends justify the means
  23. The experiential learning cycle – the four components and how they interact
    active experimentation--> concrete experience-->reflective observation--> abstract conceptualization
  24. Understand the difference between Type A and Type B
    • Type A: competitive, impatient, aggressive, devoted to work
    • Type B: the opposite – laid back, calm, balanced
  25. Causes of work stress
    • Task demands – your job duties
    • -Role ambiguity
    • Interpersonal demands – relationships within the org
    • -Role conflict
  26. Definition of leadership:
    the ability to influence people towards the attainment of future org goals
  27. Charismatic and transformational leadership – understand how they’re different from transactional leadership
    • Transactional leader: Focuses on core management tasks – setting goals, clarifying roles / tasks, providing rewards / feedback
    • Charismatic leader – can motivate employees beyond expected performance
    • -State a lofty vision of the future
    • -Shape the corporate value system
    • -Trust subordinates, and earn their trust in return
    • Transformational leader: Has a special ability to bring about innovation and change
  28. Situational theory:
    • Follower Characteristics | Appropriate Leader Style
    • Low readiness | Telling
    • Moderate readiness | Selling
    • High readiness | Participating
    • Very high readiness | Delegating
  29. Fiedler’s contingency theory - difference between task-oriented and relationship-oriented leadership styles, and how to determine which to employ
    • Choose leadership style…
    • -Task-oriented
    • -Relationship-oriented
    • …based on leadership situation
    • -Leader-member relations (good or bad)
    • -Task structure (well-defined or not)
    • -Position power (strong or weak)
    • Conclusion
    • -Task is better when overall situation is very favorable or very unfavorable for the leader
    • -Relationship is better for the middle ground
  30. Sources of power – know the two main categories
    • Position power: Power through title, ability to bestow rewards, ability to punish
    • Personal power: Power through expert skills, or through personal characteristics that earn respect and desire to emulate the leader
    • Other sources:
    • Personal effort
    • Network of relationships
    • Information
  31. Intrinsic vs. external rewards
    • Intrinsic rewards: the satisfactions a person receives in the process of performing a particular action
    • External rewards: given by another person, typically a manager, and include promotions, pay increases, and bonuses
  32. A simple model of motivation
    need-->behavior-->rewards @feedback
  33. Frustration-regression principle:
    • If higher needs aren’t met?
    • is the idea that failure to meet a high-order need may cause a regression to an already satisfied lower-order need
  34. Acquired needs theory:
    • Is Certain types of needs are acquired throughout life (not innate)
    • -Need for achievement
    • -Need for affiliation
    • -Need for power
  35. The two key process theories – expectancy and equity
    • Equity theory
    • -People seek equity in the rewards they get for performance (input:outcome ratio)
    • -How to reduce perceived inequity: change work effort (inputs), change outcomes, distort perceptions, leave
    • Expectancy theory
    • -People play the percentages to determine motivation
    • -E -> P expectancy: how likely that effort leads to performance?
    • -P -> O expectancy: how likely that performance leads to outcomes?
    • -Valence: how much do I value the outcomes?
  36. The four tools of reinforcement (see class slide) – be able to provide the name and an example of each
    • withdraw something avoidance | learning | extinction
    • provide something | positive reinforcement | punishment
    • manager's response yes | no
    • desired behavior?
  37. Schedules of reinforcement, and when each works best
    • Continuous:
    • -Most effective for establishing desired behavior, but...
    • -Behavior evaporates quickly when removed.
    • Partial: More effective for maintaining desired behavior for longer period.
  38. Three types of formal communication, and the use of each
    • Downward communication – to influence:
    • -Goals, strategies, procedures, performance feedback
    • Upward communication – to interpret:
    • -Problems and exceptions, suggestions for improvement, performance reports, grievances
    • Horizontal communication – to coordinate:
    • -Inter-departmental problem solving, change initiatives
  39. Tips for personal networking, and why it’s important
    • Personal networking: The more people you know in your org, the more influence you have, and the more you get done.
    • Tips:
    • -Build it before you need it
    • -Never eat lunch alone
    • -Make it win-win
    • -Focus on diversity
  40. Management By Walking Around – its uses / benefits
    • is managers spend a significant amount of their time making informal visits to work area and listening to the employees.
    • The purpose of this exercise is to collect qualitative information, listen to suggestions and complaints, and keep a finger on the pulse of the organization.
  41. Discussion vs. dialogue
    • Discussion:
    • -State positions, stay ready to defend them, build oppositions to other views
    • -Change in actions possible, but not changed mind-sets
    • Dialogue:
    • -Start by revealing feelings, explore assumptions, wait on convictions, build common ground
    • -Can create sustainable change and group unity
  42. Potential benefits and dilemmas of teams – know at least two of each
    • Potential benefits
    • -Increased productivity
    • -Better quality
    • -More innovation
    • -More satisfied employees
    • Potential dilemmas
    • -We have to surrender independence
    • -Free riders
    • -Sometimes, they’re just dysfunctional
    • -Lack of trust or commitment, fear of conflict, inattention to group results
  43. How leaders can help teams
    • rally people around a compelling purpose
    • share power: official power, as well as info and responsibility
    • admint ignorance: promotes flexibility model
  44. Difference(s) between committees and project teams
    • Rally people around a compelling purpose
    • Share power: Official power, as well as info and responsibility
    • Admit ignorance: Promotes flexibility model
  45. Self-directed teams: know their potential benefits
    • Can start out as informal problem-solving teams
    • -Example: Quality circles in Japan
    • Characteristics
    • -Multi-skilled workers, who often rotate jobs to produce an entire product
    • -The teams, not a manager, take responsibility for their work
    • -Usually a long-term arrangement
    • Benefits
    • -For the org: typically excellent coordination / communication
    • -For employees: challenging, rewarding work and skills development
  46. Virtual / global teams: keys to their success
    • Geographically distant team members collaborate on projects to reach common goals
    • Keys for success
    • -Select the right people, and re-assemble when necessary
    • -Take volunteers whenever possible
    • -Use technology to build relationships / team culture
    • -Frequent communication
    • -Monitor progress
    • -Provide frequent rewards
  47. Is there an ideal team size, and levels of diversity and conflict?
    • Size: 5-12 is ideal; Is smaller better?
    • Diversity: Diverse teams are clearly better in long run, but in short term?
    • Cohesiveness
    • -More cohesive teams perform great when aligned with org goals, and really poorly when they’re not
    • -Unity vs Mutiny
    • Conflict: What’s the right amount of conflict? Not zero.
  48. Negotiations: how do you achieve win-win?
    • Integrative (win-win) > distributive (“fixed pie”)
    • So how do you get to win-win?
    • -Separate the people from the problem
    • -Focus on interests, not current demands
    • -Generate many alternatives for mutual gain
    • -Base results on objective standards
  49. Balanced Scorecard:
    • Is Balance traditional financial measures with operational measures related to critical success factors
    • mission and goals: financial, customers, internal business processes, learning+growth
  50. Four key types of budgets, and what question each answers
    • Expense budget: How much are we going to spend, and where?
    • Revenue budget: How much are we going to sell? How much money will we make?
    • Cash budget: Will we have enough cash to meet our obligations?
    • Capital budget: What major investments do we need to make to ensure future success?
  51. Four key categories of financial ratios: what does each tell us? Also know 1 specific example of each type of ratio, such as current ratio.
    • Liquidity Ratios – can we meet our debt obligations?
    • -Current ratio = current assets / current liabilities
    • Activity Ratios – how good is our internal performance?
    • -Inventory turnover = total sales / average inventory
    • -Conversion ratio = purchases / customer inquiries
    • Profitability Ratios – how profitable are we?
    • -Profit margin on sales = net income / sales
    • -Return on assets = net income / total assets
    • Leverage Ratios – how much are you funding activities with borrowed money?
    • -Debt ratio = total debt / total assets
  52. Definitions of Economic Value-Added and Activity-Based Costing
    • Economic Value-Added (EVA)
    • -Performance = After-tax profits minus the cost of capital invested in tangible assets
    • Market Value-Added (MVA)
    • -Measures the stock market’s estimate of the value of the company’s past and future capital investment projects
    • Activity-Based Costing (ABC)
    • -Calculates how much every activity costs towards producing a product
  53. Modern supply chain management, and its key to success
    is managing the sequence of suppliers and purchasers covering all stages of processing from obtaining raw materials to distributing finished goods to final consumers
  54. JIT: the definition and why it’s important
    • just-in-time inventory systems: designed to reduce the lvl of an org's inventory and its associated cost, aiming to push to zero the amt of time that raw materials and finished products are sitting in the factory, being inspected, or in transit
    • an inventory control system that schedules materials to arrive precisely when they are needed on a production line
    • reduces inventory, which:
    • -saves money and frees up capital
    • -gives companies more flexibility
    • requires incredible coordination
  55. RFID and smart systems (see class slide)
    • -Electronic tags for individual products
    • -Used to better manage inventory, reduce risk of loss, cut costs
    • -Used by Wal-Mart, Home Depot, booksellers, military shipping pallets… and on kids at amusement parks
  56. Management info systems – their function and four key types
    • -Provide info + support for managerial decision-making
    • -Information reporting
    • -Day-to-day reports for managers
    • -Decision support systems
    • -Example: staffing prediction at retail stores
    • -Executive info systems
    • -High-level dashboards
    • -Groupware
    • -Google Docs, Basecamp and other collaboration tools
  57. CRM systems – what it tracks, and who uses it
    • Track all interactions between you and your customers
    • -Records of past sales and upcoming orders
    • -Service history
    • -Unresolved problems
    • Use this to coordinate:
    • -Sales
    • -Marketing
    • -Customer Service
    • Result:
    • -Save money
    • -Make money
    • -Have happier, more loyal customers
    • -Learn as an organization
  58. Two main reasons to do e-business
    • Market expansion
    • Productivity and efficiency
  59. Advantages to using B2B marketplaces
    Trading between firms (and not between businesses and consumers), characterized by (1) relatively large volumes, (2) competitive and stable prices, (3) fast delivery times and, often, (4) on deferred payment basis.
  60. Newer IT: broad content creation, social networking and collaboration (see class slide)
    • broad content creation: ex. wordpress, twitter
    • social networking: ex. facebook
    • collaboration: ex. Google Apps for business
  61. Benefits and downsides of IT
    • -More productive employees
    • -More efficiency
    • -Empowered employees
    • -More collaboration
    • BUT-
    • -Information overload
    • -Isolation

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